Sri Lanka vs United States · Real-time payment systems compared
| Capability | CEFTS | FedNow |
|---|---|---|
| QR Code Payments | ✓ | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | ✓ |
| Open API | ◐ | ✓ |
| Alias/Proxy | ✓ | — |
The Common Electronic Fund Transfer Switch is Sri Lanka's fast-payments backbone, launched in 2015 by LankaPay under Central Bank of Sri Lanka guidance as part of the Common Card and Payment Switch (CCAPS). CEFTS clears 24/7 real-time interbank credit transfers up to LKR 5 million, initiated through internet/mobile banking, ATMs, kiosks or over-the-counter. LANKAQR (QR-code standard), JustPay (in-app payments) and LPOPP (online payment platform, including GovPay) all ride on CEFTS. CEFTS now carries roughly two-thirds of Sri Lanka's interbank retail transactions.
The Federal Reserve's instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365. Launched in July 2023, FedNow is the first new Fed payment rail in 50 years and aims to democratise instant payments by giving all 10,000+ US depository institutions direct access (unlike the private-sector RTP). Supports credit transfers up to $500K with plans to add request-for-payment and other features. Note: FedNow shows extreme growth rates as it scales from a low base — value jumped 35x in Q3 2024 as larger institutions onboarded, which is typical for newly launched payment systems.